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Vaibhav Jewellers IPO to open on September 22 with price band of Rs 204-215 per share
Fourth quarter of 2022-23 sees lowest IPO fundraising in 9 yrs
Vaibhav Jewellers on Friday said it has fixed the price band at Rs 204-215 per equity share for its initial public offering (IPO) to raise about Rs 270 crore from the capital markets.
Vaibhav Jewellers on Friday said it has fixed the price band at Rs 204-215 per equity share for its initial public offering (IPO) to raise about Rs 270 crore from the capital markets.
The IPO will open for subscription on September 22 and close on September 26, the company said in a statement.
The funds raised will be utilised for opening 8 new showrooms, inventory for these new stores and general corporate purposes.
Vaibhav Jewellers, a regional jewellery brand in South India, has its presence in the micro markets of Andhra Pradesh and Telangana with 13 showrooms across eight towns and two cities. In FY23, it had the market share of 4 per cent of the overall jewellery market in Andhra Pradesh and Telangana and 10 per cent of the organised market in these two states.
The public issue of face value of Rs 10 each comprises fresh issuance of shares worth up to Rs 210 crore and an Offer for Sale (OFS) of up to 2.8 million equity shares.
For the three months ended June 30, revenue from operations of the company stood at Rs 508.90 crore and net profit was Rs 19.24 crore.
In FY23 its revenue from operations was Rs 2,027.34 crore, majorly from the sale of gold jewellery.
Bajaj Capital and Elara Capital (India) are the book-running lead managers and Bigshare Services is the Registrar to the offer.
The equity shares are proposed to be listed on BSE and NSE.
